This report titled “Spirulina Extract Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the trends in spirulina extract market along with the market size and forecast for the duration 2023 to 2030. The said research study incorporates in-depth analysis of multiple market segments based on form, application and geographical distribution.

Natural food colors are witnessing increased adoption among food and beverage manufacturers. Rising consumer awareness regarding intake natural ingredients, health consciousness, ban by governments of various countries on synthetic food color use in food and beverage applications, development of sustainable and cost effective color formulations are some of the factors leading to development of natural food colors such as spirulina. Upswing in the spirulina extract market among food and beverage manufacturers is expected to result in double digit growth of the overall spirulina extract market in the forthcoming years. Furthermore, blue color formulation is not easily available in natural colors, this is anticipated to generate high demand for spirulina extract in the near future. Spirulina extract is finding profound use in the manufacturing of confectionaries and ice-creams.

In this report, the spirulina extract market is segmented on the basis of form and application. Spirulina extract usage is in two forms powdered and liquid. Based on application, spirulina extract market is segmented into dietary supplements & nutraceutical, confectionary, cosmetics, bio-fertilizer and aquaculture feed. Market size and forecast for all the considered segmentation is presented in this report for the period 2020-2030 (US$ Mn) along with their respective CAGRs for the forecast period 2023-2030 (Value %).

In terms of geographical distribution, the global spirulina extract market is studied for five major regions namely, North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Market size and forecast for each regional and country-level market are included in the report for the considered periods. 

Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global spirulina extract market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key spirulina extract manufacturers across the globe.

There has been increased trend of developing blended products, which is thus anticipated to boost demand for spirulina extract in both powder as well as liquid form in the near future. By form, spirulina extract market segmentation in the report includes both powder and liquid. In 2021 powder segment dominated the market in terms of revenue share contribution and is further expected to remain dominant during the forecast period. This is attributed to increased usage of powder form in products such as confectionery, bakery and desserts. Spirulina extract is commercially being used for large scale production of blue color in food and beverages, in which powdered formulation suits the best as compared to the liquid extract.

Increasing application of spirulina extract as dietary supplement among consumers is further spurring its adoption as a dietary supplement in liquid form, thereby leading to significant growth of liquid segment in the overall spirulina extract market during the latter years of forecast period. Furthermore, liquid spirulina extract usage in beverages is anticipated to increase significantly, thereby leading to extensive research and development among manufacturers catering to the demand for sustainable solutions. Liquid extracts reflect better stability and advantages as compared to powder extract, thus expected to grab significant share by 2030 end.

Spirulina extract is widely used in dietary supplements & nutraceutical, confectionery, cosmetic, bio-fertilizer and aquaculture feed. Of different applications, dietary supplements and nutraceutical segment dominated the market in terms of revenue share contribution, followed by bio-fertilizer and aquaculture feed segment. Dried spirulina powder is rich in proteins and minerals including potassium, calcium, beta carotene, zinc and other vital nutrients. Growing awareness for health consciousness among the consumers coupled with benefits related to consumption of spirulina have led to high demand for spirulina extract especially in dietary supplements across the globe. Stringent regulations on usage of synthetic food colors have led to robust demand for natural food colorants in the market. Hence, high demand is reported for spirulina extracts from the food industry as spirulina is used as a natural food colorant in food products such as ice- creams, candies and other confectionary items.

Bio-fertilizer and aquaculture feed segment collectively accounted for around 45% of the total spirulina extract market in terms of revenue share contribution in 2021. Application of spirulina extracts for other applications such as cosmetics and aquaculture feed are one of the top application areas for spirulina extract manufacturers to focus, while investing in spirulina extract market in various geographies.

In 2021, Europe was the leading market followed by North America and Asia Pacific. Asia Pacific and North America collectively accounted for around 50% share of the market in terms of value. Spirulina Extract market growth in Europe is driven by factors such as ban on artificial colors application, research and development for better formulations especially for confectionery products, compliance with European regulations and others during the forecast period. In addition, The United States Food and Drug Administration (FDA) approval for spirulina as a coloring agent in varied food and beverage applications strengthens market in North America. High demand for spirulina extracts from the food and cosmetic industry in North America is also anticipated to contribute to the demand for spirulina extracts in the region.

Growth is projected to be fastest from the Asia Pacific region during the forecast period 2023 to 2030. Urbanization, government intervention for food safety and standards, consumer concerns for healthy food products are some of the factors leading towards adoption of natural ingredient product, thereby leading to significant spirulina extract market growth in the region.  Furthermore, in Japan mandatory usage of natural food colorants in food and beverages has resulted in increased demand for spirulina extracts; thereby spurring growth of spirulina extracts market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Spirulina Extract market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Spirulina Extract market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Spirulina Extract market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Spirulina Extract market?
• Which is the largest regional market for Spirulina Extract market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Spirulina Extract market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Spirulina Extract market worldwide?